The big idea: You come up with a deal, get your friends on board, and submit it to Loopt. They'll then try to get their sales team to get the merchant to give you the deal. If it works, you get the deal.

It's an interesting idea. Will it work?

People will have to be realistic about the size and value of the deal, otherwise it's a non-starter.

And better, more desirable merchants probably have no incentive to cut their prices, unless they can fill their shops up during slow times.

So there are lots of hurdles. But it's worth a shot.

Update: Loopt has already built and sold through one of these: A $100-for-$35 voucher to Virgin America. It sold out of 500 vouchers in 48 minutes, CEO Sam Altman tells us. Now let's see if it can keep rolling.